Genco Shipping & Trading Limited issued a statement following the expiration of Diana Shipping’s tender offer, saying it will continue to engage in good faith discussions with Diana and act in the best interests of Genco shareholders. Genco’s board is still reviewing Diana’s separate non-binding indicative proposal to acquire all outstanding common shares not already owned by Diana for $24.80 per share in cash and one Diana share. Genco stated that its fleet value has not declined, citing independent third-party broker valuations this month showing vessel values continuing to rise, and that any offer must adequately compensate shareholders for the full underlying net asset value plus an appropriate control premium. The company also highlighted risks in the stock consideration, noting Diana’s closing stock price of $2.25 on July 24, potential dilution from new share issuance, and the proposed sale of 16 Genco vessels to Star Bulk at below market prices. Genco plans to update the market on its second quarter 2026 results on August 5, 2026.
Genco Shipping & Trading LtdGenco is reviewing Diana's acquisition proposal and highlighting risks, but outcome is uncertain.
Diana Shipping Inc.
Star Bulk Carriers Corp